SoftBank OpenAI equity-backed financing plan reduced to $6 billion; AI valuation divergence triggers funding tightening

Odaily Planet Daily reported that SoftBank Group has scaled back a financing plan backed by OpenAI equity. Originally intended to raise approximately $10 billion through a margin loan, the size may now be reduced to about $6 billion.

Sources say some lenders have expressed concerns over the transaction structure and the reliability of OpenAI's valuation as an unlisted company, which has become a key factor hindering the progress of the financing. The loan was initially designed to be collateralized by SoftBank's holdings of OpenAI equity, with a term of two years extendable by one year, aimed at further expanding its investment layout in the artificial intelligence sector.

In recent years, SoftBank has continued to increase its bets on the AI track, investing approximately $30 billion in OpenAI through Vision Fund 2 and participating in major AI infrastructure projects including Stargate. However, this financing adjustment also reflects a broader trend: although the AI investment boom continues to heat up, the market is beginning to show caution regarding the verifiability of valuations for private AI giants, with some institutional investors tightening their risk pricing.

Currently, negotiations for the loan are still ongoing, and the final size remains subject to change. (Bloomberg)